USDJPY – The ratio of long to short positions in the USDJPY stands at 1.02 as positioning remains almost exactly neutral. Yesterday, the ratio was at 1.22 as 55% of open positions were long. In detail, long positions are 13.0% lower than yesterday and 33.5% weaker since last week. Short positions are 4.5% higher than yesterday and 25.2% weaker since last week. Open interest is 5.1% weaker than yesterday and 49.0% below its monthly average. The extremely weak open interest numbers give us little confidence in current SSI readings, but the recent jump in short positions would otherwise give us a weakly bullish USD/JPY bias. As it stands, our USD/JPY trading strategies are currently flat after aggressively selling through previous price action.
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